Saturday, September 23, 2017

M&A

AIA pays A$3.8 billion for CBA life unit

AIA pays A$3.8 billion for CBA life unit

The Asian insurance giant has acquired Australia’s CommInsure Life and New Zealand’s Sovereign.

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Foreign insurers rush to meet Malaysia ownership cap

Foreign insurers rush to meet Malaysia ownership cap

Bank Negara Malaysia wants foreign ownership in local insurance companies to be capped at 70% by June 2018.

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China to heighten insurance scrutiny

China to heighten insurance scrutiny

Investments and capital flows in and out of the industry will be overseen more closely, the country’s regulator announced.

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AIA set to buy Commonwealth Bank’s life assets

AIA set to buy Commonwealth Bank’s life assets

The Asian insurance group has become favourite to buy the unit in a deal said to be worth more than US$4bn.

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At least 20 bidders eye AXA wealth unit in HK

At least 20 bidders eye AXA wealth unit in HK

China Taiping Insurance and Country Garden are reportedly among the companies that have expressed an interest.

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Allianz rebuffs Chinese takeover

Allianz rebuffs Chinese takeover

It emerged this week that Anbang and HNA both attempted a takeover of the German insurer earlier this year.

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Huabang Financial to acquire Israel’s Clal Insurance

Huabang Financial to acquire Israel’s Clal Insurance

The controlling stake in the Israeli insurance and financial firm is valued at approximately US$1.36b.

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Sompo to sell Lloyd’s unit

Sompo to sell Lloyd’s unit

The Japanese insurer will offload Sompo Canopius to private equity firm Centerbridge Partners for ¥100b.

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Fairfax buys stake in rival of Indian partner

Fairfax buys stake in rival of Indian partner

ICICI Lombard has agreed to allow the Canadian company to buy a 49% stake in nonlife startup Digit.

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PICC eyes South-East Asia acquisitions

PICC eyes South-East Asia acquisitions

China’s biggest non-life insurer may see a couple of deals happening before the end of this year, according to a company executive.

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Investment income lifts China Life profits

Investment income lifts China Life profits

Net income rose by 17.8% in the first six months of the year, driven by an 11.45% investment return.

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Anbang Life’s credit rating lowered

Anbang Life’s credit rating lowered

A Chinese rating agency has downgraded the insurer three months after CIRC curtailed its operations.

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Mitsui Sumitomo to buy Singapore’s First Capital

Mitsui Sumitomo to buy Singapore’s First Capital

The deal will see it pay US$1.6bn to the existing owner, Canada’s Fairfax Financial Holdings.

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Jack Ma-backed firm eyes Asian unit of MassMutual

Jack Ma-backed firm eyes Asian unit of MassMutual

A consortium led by Yunfeng Financial Group has expressed interest to pay about US$1.7bn for the business.

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Ping An registers best half-year profit in a decade

Ping An registers best half-year profit in a decade

The results were driven by strong growth in life premiums and came despite a government crackdown on the industry.

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Centrum Group gets broking licence in India

Centrum Group gets broking licence in India

The firm controlled by former Standard Chartered Asia chief Jaspal Bindra is expanding its insurance operation.

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Cigna raises stake in India JV

Cigna raises stake in India JV

An application with the regulator will increase its stake in the joint venture with TTK to 49% from 26%.

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Foreign insurers in Malaysia pressured to trim shareholdings

Foreign insurers in Malaysia pressured to trim shareholdings

Four companies have until the end of this month to reduce their holdings and divest to local partners in line with new regulations.

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SUMMER 2017

House of cards

From supply chains to cyber, we discuss emerging risks with a roundtable of Singapore risk managers